Question: On August 1, Springfield Ltd. accepted a $26,200 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and

On August 1, Springfield Ltd. accepted a $26,200 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Aug. 1Aug. 31Sept. 30Oct. 1

enter an account title

enter a debit amount

enter a credit amount

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